Market Update January 31, 2018

Posted on Feb 02, 2018 in

Sunshine Coast Detached ListingsSales up by 12% over the previous year

There are currently 189 detached listings on the Sunshine Coast. This is up from December 31, 2017 when there were 176 detached listings. Detached sales year-to-date ending January 31, 2018: 36 sales, in 2017: 32 sales; in 2016: 44 sales, and in 2015: 35 sales. The current market's hot price range is between $601,000 and $700,000 with 11 sales occurring in this price range. With the current sales pace, this represents approximately a five and a half month supply of listings.

Sunshine Coast Attached ListingsSales down by 7% from last year

There are currently 40 current attached listings. This is up from December 31, 2017 when there were 30 attached listings. Attached sales this year-to-date ending January 31, 2018: 11 sales; in 2017: 13 sales; in 2016: 12 sales and in 2015: 7 sales. With the current sales pace this represents an approximate three and a half month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land ListingsSales the same as previous year

There are currently 165 bare land listings. This is down from December 31, 2017 when there were 178 land listings. Land sales year-to-date ending January 31, 2018: 15 sales; in 2017: 15 sales; in 2016: 17 sales, and in 2015: 8 sales. With the current sales pace this represents approximately an 11 month supply of listings.

Year-to-Date Detached Sales

$000 to $300,000 with 1 sales

$301,000 to $400,000 with 3 sales

$401,000 to $500,000 with 4 sales

$501,000 to $600,000 with 6 sales

$601,000 to $700,000 with 11 sales

$701,000 to $ 800,000 with 3 sales

$801,000 to $900,000 with 0 sales

$901,000 to $1,000,000 with 2 sales

6 sales over a $1,001,000

Prices keep pushing up

January has started with a bang. There has been a lot of buyer interest for detached homes and all though the number for January’s detached sales shows we are down I believe this is due to lack of inventory. In January 2016 we had 316 detached homes for sale on the Sunshine Coast; in 2017 we had 203 and this year we have 189. I thought the mortgage rules would slow the market, but January is not showing any sign of this. Talking with one mortgage broker, she felt the previous changes had already softened any negative effect that this might have.

I hear people talking about the prices coming down on the Coast. For this to happen we need the inventory to climb and demand to drop. This is back to the adage of supply and demand. If anything, in my opinion, there is a greater chance of the market price rising again this year than going down. We are still way below our comparable Lower Mainland markets for price, so be careful if you are waiting for a drop.

Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year.

Call me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenanmackenzie.com

This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy - Listing data updated on January 21, 2019.